ย FANNIE MAE reported Thursday the number of Real Estate Owned inventory declined to 52,289 at the end of 1Q 2016, compared to 79,319 at the end of 1Q 2015. FREDDIE MAC reported the number of REO inventory declined to 15,409 at the end of Q1 2106 compared to 22,738 at the end of Q1 2015.
US Real Estate Owned
REO (Real Estate Owned) inventory in the US decreased in Q1 for both Fannie and Freddie, and combined inventory is down 34 per cent year-over-year.
For Freddie, this is the lowest level of REO since Q4 2007. For Fannie, this is the lowest level since Q1 2008.
Fannie Mae reported this week net income of US$1.1 billion and comprehensive income of US$936 million for 1Q 2016. The company reported a positive net worth of US$2.1 billion as of March 31, 2016, which the company expects will result in its paying Treasury a US$919 million dividend in June 2016. Delinquencies are falling, but there are still a large number of properties in the foreclosure process with long time lines in judicial foreclosure states.